Never miss a story

Get subscribed to our newsletter


×
Narendra Modi on Friday asked the police force to safeguard and build on the humanitarian image they developed during Covid-19 pandemic. Pinterest

Prime Minister Narendra Modi will launch a platform to honour honest taxpayers on Thursday. The launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will further carry forward the journey of direct tax reforms, said an official statement.

Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present at the launch which will be done through a video conference.


The event will also be witnessed by various chambers of commerce, trade associations, chartered accountants’ associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department, the statement said.

Follow NewsGram on Facebook to stay updated.

The launch will be a further development in the Centre’s and the Central Board of Direct Taxes’ reforms in direct taxes carried out in recent years, as the government. Last year the corporate tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units the rates were reduced to 15 per cent. The government also has done away with the Dividend distribution Tax and the focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.


Last year the corporate tax rates were reduced from 30% to 22%. Pexels

“Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department. This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number,” it said.

Also Read: Celebritites Who Fell Prey to the Dark Side Of Fame

Similarly, to increase the ease of compliance for taxpayers, IT Department has moved forward with pre-filing of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.

With a view to provide for resolution of pending tax disputes the IT Department also brought out the Direct Tax “Vivad se Vishwas Act, 2020” under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised. Several measures have been taken to promote digital transactions and electronic modes of payment.

The IT department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns and also releasing refunds expeditiously to increase liquidity in the hands of taxpayers. (IANS)


Popular

VOA

This image released by Disney Theatrical Productions shows, from second left, Michael James Scott as Genie, Michael Maliakel as Aladdin, and Shoba Narayan as Jasmine after a performance of the Broadway musical "Aladdin" in New York on Sept. 28, 2021

As kids growing up in different states, Shoba Narayan and Michael Maliakel shared a love of one favorite film — "Aladdin." Both are of Indian descent, and in the animated movie, they saw people who looked like them.

That shared love has gone full-circle this month as Narayan and Maliakel lead the Broadway company of the musical "Aladdin" out of the pandemic, playing Princess Jasmine and the hero from the title, respectively.

Keep Reading Show less
VOA

Bottles of Jack Daniel's whiskeys are displayed at Rossi's Deli in San Francisco

Jack Daniel's is the world's most popular whiskey brand, but until recently, few people knew the liquor was created by Nathan "Nearest" Green, an enslaved Black man who mentored Daniel.

"We've always known," says Debbie Staples, a great-great-granddaughter of Green's who heard the story from her grandmother. … "He made the whiskey, and he taught Jack Daniel. And people didn't believe it … it's hurtful. I don't know if it was because he was a Black man."

Keep Reading Show less
Photo by Aksh yadav on Unsplash

Cricket fans can now book the ultimate experience with the official accommodation booking partner for the ICC Men's T20 World Cup

Cricket fans can now book the ultimate experience with the official accommodation booking partner for the ICC Men's T20 World Cup, Booking.com. The T20 Pavillion, a bespoke cricket-themed luxury stay that transforms the Presidential Suite at Grand Hyatt Mumbai Hotel and Residences into a classic cricket stadium.


The suite offers guests an all-inclusive once-in-a-lifetime experience during the India vs Pakistan ICC Men's T20 World Cup match on October 24, 2021, packed with quirks and luxuries that is sure to satisfy even the biggest cricket enthusiast. Additionally, as a part of the experience, guests will also have the exclusive opportunity to meet Bollywood actor Shraddha Kapoor at The T20 Pavilion.

Keep reading... Show less